Did Wisconsin U.S. Senate candidate brag about “being in the 1%”? His campaign doesn’t deny it

Twelve years might sound like a long time ago, but it isn’t enough for the Democratic Senatorial Campaign Committee. 

The committee put out an attack ad against Wisconsin Republican senatorial candidate Eric Hovde that says Hovde "brags about being in the 1%." 

In campaigning, labeling an opponent as part of "the 1%" is akin to a political slur, casting them as out of touch with the rest of the 99% and those whom the economy and personal finances are top of mind. 

Hovde, a millionaire banker and real estate mogul, is running against U.S. Sen. Tammy Baldwin, a Democrat.

Did Hovde brag about being part of the 1%?

When we asked the Democratic Senatorial Campaign Committee for backup, it pointed us to an interview from 12 years ago. 

In 2012, Hovde dipped into political waters in Wisconsin, running in the Republican primary for U.S. Senate. He would eventually lose the primary to former Gov. Tommy Thompson, who then lost to Baldwin.

On July 12, 2012, Hovde did an interview with conservative radio host Vicki McKenna on WISN-AM (1130)  and talked about his family background.

"I love our country. It’s afforded my great-grandparents and grandpa, who immigrated here from Norway who came with nothing, I mean the shirt on their back and a little satchel, and to make a life for themselves," Hovde said. 

So far, it’s a pretty typical American story of generations coming to the country with limited resources. 

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Eric Hovde

stated on November 12, 2024 in X, formerly Twitter

Says the election results are suspicious because opponent U.S. Sen. Baldwin won “nearly 90%” of absentee ballots in Milwaukee.

"And then for my father to prosper and then for me to have an opportunity, that’s what America has been about," Hovde said. 

Then there is a shift in tone.

"And instead (Democrats) have totally distorted our economic system. I’m now supposed to feel guilty because I work hard and succeeded in life and have done good and employed people and helped support their families and given money away to people who are struggling," Hovde said. "But now I’m bad because I’m the 1%? I mean, what’s happened?"

So, he did label himself as part of the 1%.

But, it’s important to note that the quote was from more than a decade ago, while the ad positions it as if Hovde is continually making such claims — or at least has made them during this campaign.

In July, Hovde had listed assets worth between $195.4 million and $564.5 million according to a financial disclosure form. 

In comparison, Baldwin reported in May having assets worth between $601,003 and nearly $1.3 million, according to financial disclosure records. 

We reached out to the Hovde campaign for a response to the ad but they did not address the point. Instead campaign spokesman Zach Bannon avoided the topic and asked a rhetorical question pointing to Baldwin’s donors, her partner and her $1.3 million condo in Washington, D.C.

But when given the chance to respond, the Hovde campaign did not deny or add other context to the claim that he bragged about being part of the 1%. 

The Democratic Senatorial Campaign Committee claimed Hovde "brags about being in the 1%" in an ad based on a quote from 12 years ago. 

The Hovde campaign doesn’t deny the claim or add additional context, but instead deflects onto his opponent. However the quote is 12 years old and the ad makes it seem as if Hovde said it more recently. 

We rate this claim as Mostly True.